Acquisitions (Tables)

3 Months Ended

Oct. 01, 2016

has been determined to be as follows (in thousands):



Cash consideration paid, net of cash acquired	$	626,442
Payment for Brakes outstanding financial debt	2,284,100
Total consideration paid, net of cash acquired	$	2,910,542

Schedule of purchase price allocation

The purchase price was allocated based on the company’s preliminary estimated fair value of the assets acquired and liabilities assumed, as follows (in thousands):



	Preliminary Purchase Price Allocation
Accounts receivable	$	720,053
Inventory	248,031
Plant and equipment	540,928
Other assets	9,842
Goodwill and other intangibles ⁽¹⁾	2,860,179
Total assets	4,379,033
Accounts payable	(736,881		)
Accrued expenses	(240,436		)
Deferred tax liabilities	(213,614		)
Other liabilities	(277,560		)
Total consideration, net of cash acquired	$	2,910,542

⁽¹⁾

The excess purchase price of $1.7 billion was assigned to goodwill, none of which is deductible for income tax purposes. This goodwill has been assigned to the International Foodservice Operations reportable segment. Intangible assets added include customer relationships of $917.6 million with a weighted average life of 12 years and trademarks and trade names of $140.6 million that are indefinite lives assets. Amortization expense is being recognized on a straight line basis and for the first quarter of fiscal 2017 was $19.1 million.

Schedule of pro forma information

The following table presents the company’s pro forma consolidated sales, earnings before income taxes, and net earnings for the quarter ended September 26, 2015. The unaudited pro forma results include the historical statements of operations information of the company and of Brakes Group, giving effect to the Acquisition and related financing as if they had occurred at the beginning of the period presented (in thousands, except per share data).



	13-Week Period Ended
	Sep. 26, 2015

Sales	$	13,992,188
Income before Taxes	$	369,579
Net Earnings	$	236,091

Net earnings:
Basic earnings per common share	$	0.40
Diluted earnings per common share	$	0.39